Discover and review the essentials of C-Corp with our beginner’s guide.
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Discover and review the essentials of C-Corp with our beginner’s guide.
Timestamp Sections :
00:00 Intro
00:21 What is a C-Corp?
00:55 Pros of C-Corp
01:11 Limited Liability Protection
01:32 Taxes
02:49 Double Taxation
03:36 Common Stock
04:18 Preferred Stock
05:30 Treasury Stock
06:20 Meeting
07:07 Reports
07:29 C-Corp Drawbacks
08:25 Comparison to others
09:20 C-Corp State Guidelines
09:40 Pick a Name
09:53 Get an EIN Number & Bank Account
10:27 Corporate Bylaws
11:00 File Certificate of Incorporation
12:14 Tailor Brands
13:07 Tailor Brands Cost
14:33 Summary
15:05 Outro
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Understanding C-Corporations
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C-Corporations, or C-Corps, are distinct business entities that offer several advantages, such as the ability to raise capital by selling stock and providing limited liability protection to owners, meaning personal assets are generally protected from business liabilities. However, they also come with the burden of double taxation, where both the corporation and the shareholders are taxed on profits. Despite this, C-Corps allow for flexibility in retaining earnings for reinvestment, and they can have an unlimited number of shareholders, making them ideal for larger businesses aiming for growth.
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Comparing C-Corps to Other Business Structures
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When compared to other business structures, C-Corps stand out due to their ability to raise capital through stock issuance and their provision of limited liability protection, which shields personal assets from business debts. Unlike sole proprietorships or S-Corps, C-Corps can have an unlimited number of shareholders, including individuals, other corporations, and even non-U.S. residents. This flexibility makes them more suitable for businesses looking to scale. Additionally, C-Corps have a continuous existence, meaning they aren’t tied to the life of their owners, ensuring business continuity despite changes in ownership.
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Getting Started with a C-Corp and Tailor Brands
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Starting a C-Corp involves several steps, including choosing a unique business name, obtaining an EIN, drafting bylaws, and filing articles of incorporation. While this process can be complex, business formation services like Tailor Brands can simplify it. Tailor Brands offers various plans to suit different needs, from basic assistance to comprehensive support, including legal documentation, branding, and marketing tools. Their Elite plan, for example, provides extensive support, making it easier for new business owners to navigate the complexities of starting a C-Corp.
Hope you enjoyed my What is an C-Corp? : The Ultimate Guide For Beginners Video.